PHI Group Inc (PHIL)

[Exit6]

Nothing about the Arab League loan (200m) having to be done in person?

ARTICLE 7- STEPS FOR FUNDING.

(7.1) After both parties have signed the loan agreement, the investor shall cause their bank to contact the receiving team and advise them on how to open offshore online account with investor’s bank.
(7.2) The receiving team shall create an offshore bank account with the investor’s bank, this account shall be free of charge; however, if there are charges such as activation fee, account opening fee, the investor shall bear the cost for the little fees.
(7.3) This account shall serve as a mediator account between the investor and the borrower, to enable the bank stand as witness and guardian institution against risk in favor of both parties.
(7.4) The investor’s bank shall credit the required funds in the borrower’s offshore online account,
(7.5) The Borrower having the license of Overseas Security Advisory Council and indemnity protection wrap cover through Global insurance incorporation shall have the right to make transfer to any part of the world by bank swift

https://www.sec.gov/Archives/edgar/data/0000704172/000149315222002673/ex10-2.htm